Are You Financially Prepared for Retirement?

A lot of people experience a great deal of anxiety when it comes time to plan for their retirement.

May 7th, 2013

Retirement is a time in life most of us look forward to someday. After many years of working, you want to enjoy your golden years. But are you financially prepared for that next phase in your life?

A lot of people experience a great deal of anxiety when it comes time to plan for their retirement. They feel stuck trying to figure out if they have enough money to last through their later years in life and don't knowing where to begin when it comes to saving.

With record numbers of baby boomers entering into retirement, and with people living longer than ever before, people are stressed about their finances, and justifiably so.

Financial advisers Jet-24 spoke to say today's generation of retirees don't have some of the same luxuries retirees from twenty or thirty years ago did. Like pensions.And with uncertainty of Social Security's future, planning for retirement is a must. If you don't, you could be setting yourself up to run out of money mid-retirement.

To bridge that gap, one financial adviser suggests working a few years longer, past the retirement age of 65; picking up a part time job once you have entered retirement to add to your income; try to save some extra money during your working years, even if it isn't much, every bit counts; and lastly, spend less.

And most financial advisers agree, starting young is the best way to plan for retirement. They suggest that people should start saving once they enter the workforce and if your company has a 401k or 403k, jump on the opportunity to invest in your future.

If you feel hopeless, or lost when it comes to this planning, sitting down with a financial adviser is a good first place to start for making sure you have a comfortable retirement.